But The basic idea is sound. If you invent a novel mechanism and publish it the government will grant you exclusive economic exploitation rights to that mechanism for the next 25 years. After that it is now fair game.
It is an attempt to solve the real problem that it is much harder to be first than second, the guy in first place has to spend all that time and effort to develop the thing, and the guy in second just has to copy the guy in first. To rectify this social injustice the patent system was developed, where the government would grant and enforce economic exploitation rights of the mechanism to the inventor.